REGISTERED COMPANY NUMBER: 01758168 (England and Wales)

REGISTERED CHARITY NUMBER: 1112291

MAYHEIGHTS LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

3

Report of the Independent Auditors

4

to

6

Statement of Financial Activities

7

Balance Sheet

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

to

16

TRUSTEES

R Low

O Low

M Eichenstein

C L Klein

Y Feiner (appointed 4.12.24)

COMPANY SECRETARY

R Low

REGISTERED OFFICE

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED COMPANY NUMBER

01758168 (England and Wales)

REGISTERED CHARITY NUMBER

1112291

INDEPENDENT AUDITORS

Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

Barclays Bank Plc

155 Bishopsgate

London

EC2M 3XA

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE INFORMATION

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objects for public benefit

The objects of the charity are, the advancement of religion in accordance with the Orthodox Jewish Faith, the relief of poverty and for such other purposes as are recognised by English Law as charitable.

The objects of the charity are carried out by grantmaking and the use as a religious school of the charity's non investment properties. The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.

Grantmaking policy

Grants are made to institutions and organisations which accord with the objects of the charity. In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution, its trustees and reputation. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The charity is reliant on donations from companies connected to the trustees and also loan interest from companies in which the trustees have a connection.There was a doubling of donations received with a small decline in investment income, with grantmaking reduced by about 5% the charity was left with a surplus for the year.

The charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty, for which see note 6 to the financial statements.

FINANCIAL REVIEW

Reserves policy

lt is the policy of the charity to maintain unrestricted funds, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.Reserves held at the year end were £18,793,334 (2024- £18,687,407) with free reserves of £302,107 (2024 - £470,584).

Risk management

The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.

FUTURE PLANS

The trustees anticipate that,subject to satisfactory income, the charity will continue on a similar basis in the foreseeable future and there are no plans for any major changes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 3 October 1983.

Organisational structure

The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the continuing board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Mayheights Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 3 November 2025 and signed on its behalf by:

O Low - Trustee

Opinion

We have audited the financial statements of Mayheights Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.

We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.

We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements

We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Emanuel Meyer (Senior Statutory Auditor)

for and on behalf of Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

3 November 2025

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

886,748

-

886,748

434,308

Investment income

3

781,554

-

781,554

791,562

Total

1,668,302

-

1,668,302

1,225,870

EXPENDITURE ON

Raising funds

Investment management costs

4

22,392

-

22,392

25,249

22,392

-

22,392

25,249

Charitable activities

5

Grantmaking

1,515,599

-

1,515,599

1,603,569

Support

24,384

-

24,384

23,620

Total

1,562,375

-

1,562,375

1,652,438

NET INCOME/(EXPENDITURE)

105,927

-

105,927

(426,568

)

RECONCILIATION OF FUNDS

Total funds brought forward

18,687,407

-

18,687,407

19,113,975

TOTAL FUNDS CARRIED FORWARD

18,793,334

-

18,793,334

18,687,407

2025

2024

Notes

£

£

FIXED ASSETS

Tangible assets

11

2,275,407

2,275,407

Investment property

12

3,519,005

3,485,905

5,794,412

5,761,312

CURRENT ASSETS

Debtors

13

12,696,815

12,455,511

Cash at bank

324,987

491,425

13,021,802

12,946,936

CREDITORS

Amounts falling due within one year

14

(22,880

)

(20,841

)

NET CURRENT ASSETS

12,998,922

12,926,095

TOTAL ASSETS LESS CURRENT LIABILITIES

18,793,334

18,687,407

NET ASSETS

18,793,334

18,687,407

FUNDS

16

Unrestricted funds:

General fund

18,793,334

18,687,407

TOTAL FUNDS

18,793,334

18,687,407

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 3 November 2025 and were signed on its behalf by:

O Low - Trustee

Cash flows from operating activities

Cash generated from operations

1

(133,338

)

(948,748

)

Net cash used in operating activities

(133,338

)

(948,748

)

Cash flows from investing activities

Purchase of investment property

(33,100

)

-

Net cash (used in)/provided by investing activities

(33,100

)

-

Change in cash and cash equivalents in the reporting period

(166,438

)

(948,748

)

Cash and cash equivalents at the beginning of the reporting period

491,425

1,440,173

Cash and cash equivalents at the end of the reporting period

324,987

491,425

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

105,927

(426,568

)

Adjustments for:

Increase in debtors

(241,304

)

(495,101

)

Increase/(decrease) in creditors

2,039

(27,079

)

Net cash used in operations

(133,338

)

(948,748

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

491,425

(166,438

)

324,987

491,425

(166,438

)

324,987

Total

491,425

(166,438

)

324,987

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Income

Donations are accounted for when received. All other income is recognised on a receivable basis.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.

Grants are only recognised in the accounts when paid.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

2.	DONATIONS AND LEGACIES

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Donations

886,748

-

886,748

434,308

3.	INVESTMENT INCOME

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Rents received

85,087

-

85,087

109,455

Loan interest

696,467

-

696,467

682,107

781,554

-

781,554

791,562

4.	INVESTMENT MANAGEMENT COSTS

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Portfolio management

22,392

-

22,392

25,249

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

6)

note 7)

Totals

£

£

£

Grantmaking

1,515,599

-

1,515,599

Support

1,429

22,955

24,384

1,517,028

22,955

1,539,983

6.	GRANTS PAYABLE

2025

2024

£

£

Grantmaking

1,515,599

1,603,569

Support

1,429

-

1,517,028

1,603,569

The total grants paid to institutions during the year was as follows:

2025

2024

£

£

Advancement of education

421,758

304,200

Advancement of religion

524,875

705,260

Relief of poverty

458,886

401,039

General purposes

-

88,470

Medical

3,600

14,600

Social welfare

106,800

90,000

1,515,919

1,603,569

Mosdos Hatorah Pnei Menachem Ltd

200,000

Torah and Charity Fund

108,695

Amud Hatzdokoh Trust

106,060

Mifal Zedoko Vayoel Moshe

104,000

Mifal Tzedoko Vochesed

67,000

Chasdei Aharon Ltd

61,000

Zoreya Tzedokos Ltd

45,000

The Kolel Ltd

41,000

Bayis Lepletos

37,200

The ABC Trust

36,000

Minchas Yeshivah

35,000

Others under £35,000

674,964

1,515,919

7.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Support

11,461

1,268

10,226

22,955

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Auditors' remuneration

5,280

3,840

Auditors' remuneration for non audit work

4,680

4,080

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

10.	STAFF NUMBERS

The average number of staff in the year was Nil (2024 - Nil)

11.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 April 2024 and 31 March 2025

2,275,407

NET BOOK VALUE

At 31 March 2025

2,275,407

At 31 March 2024

2,275,407

12.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 April 2024

3,485,905

Additions

33,100

At 31 March 2025

3,519,005

NET BOOK VALUE

At 31 March 2025

3,519,005

At 31 March 2024

3,485,905

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.

The historical cost of the charitable company's investment properties as at 31 March 2025 is £3,519,005 (2024 - £3,485,905).

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

19,553

24,757

Amounts due by connected

companies

12,677,068

12,430,754

12,696,621

12,455,511

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accruals and deferred income

22,880

20,841

15.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

£

£

£

£

Fixed assets

2,275,407

-

2,275,407

2,275,407

Investments

3,519,005

-

3,519,005

3,485,905

Current assets

13,021,802

-

13,021,802

12,946,936

Current liabilities

(22,880

)

-

(22,880

)

(20,841

)

18,793,334

-

18,793,334

18,687,407

16.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.24

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

18,687,407

105,927

18,793,334

TOTAL FUNDS

18,687,407

105,927

18,793,334

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

1,668,302

(1,562,375

)

105,927

TOTAL FUNDS

1,668,302

(1,562,375

)

105,927

Comparatives for movement in funds

Net

movement

At

At 1.4.23

in funds

31.3.24

£

£

£

Unrestricted funds

General fund

19,113,975

(426,568

)

18,687,407

TOTAL FUNDS

19,113,975

(426,568

)

18,687,407

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

1,225,870

(1,652,438

)

(426,568

)

TOTAL FUNDS

1,225,870

(1,652,438

)

(426,568

)

17.	RELATED PARTY DISCLOSURES

The charity received unrestricted donations of £839,600 (2024 £418,308) from companies in which the trustees have a connection. Loan interest receivable from companies in which the trustees have a connection is shown in note 3 and the amount due by companies in which the trustees have a connection are shown in note 13.